FISCO consists of more than 100 financial entities including major players such as WeBank, a digital bank initiated by Tencent, and Shenzhen Securities Communication. The consortium is going to present the new platform at the Singapore Fintech Festival, which will take place from Nov. 12-14.

FISCO BCOS is described as a set of applications aimed to serve the general public. Per the release, the main strength of the new platform lies in the speed of transactions per second (TPS), which is expected to reach more than 1000. FISCO also claims its blockchain will use Byzantine fault tolerance protocol and also support Zero-knowledge proof.

The consortium stresses that the blockchain network will also contain “observatory” nodes through which regulators and auditors would be able to monitor or access data whenever needed.

Huawei has previously worked on decentralized projects in collaboration with Hyperledger — an open source blockchain operation created by the Linux Foundation in 2015.

In March, Hyperledgerlaunched its Caliper service — a blockchain benchmark tool allowing users to measure the performance of a specific blockchain implementation, with development contribution from Huawei. In April, Huawei released its Blockchain-as-a-Service (BaaS) tool, based on the Hyperledger blockchain, that could help developers create and deploy services on Huawei Cloud.

Also this spring, Huawei announced the users of its mobile phone will be able to download Bitcoin(BTC) wallets on their devices, with the wallets set to be pre-installed on all new Huawei smartphones.

Tencent has previously participated in the blockchain space as well. In June, the tech giant partnered with Chinese officials to create the China Blockchain Security Alliance, which will consist of more than 20 public and private institutions — including government advisory agencies — and will develop secure mechanisms to deploy blockchain all over the country.